The court in Moscow will consider a dispute between two NPF with United wagon company

The Moscow arbitration court will consider again on Tuesday the claim of «IQ JI» asset Management, fiduciary, pension funds and private pension funds (NPF) «Safmar» and «Trust» are to United wagon company (UWC) on the redemption of its shares.

The plaintiff demands that the HVAC was bought for 4.4 billion rubles more than 6.5 million of its shares owned by the NPF. The right to demand repurchase of shares in accordance with the legislation on joint-stock companies arose from minority shareholders due to the fact that they did not participate in the voting at the General meeting of OVK on approval of major transactions (liabilities exceed 50% of the book value of assets).

OVK at an extraordinary shareholders meeting in March decided to approve interrelated transactions recognized as large, namely, six of the transactions for the issuance of guarantees to subsidiaries, UWC LLC in the acquisition of freight wagons at PJSC «State transport leasing company». The price of interrelated transactions — more than 115 billion rubles, which is 126% of the total value of all assets in HVAC by 30 September 2017 (more than 91 billion rubles).

The redemption price of shares from dissenting with the decision of shareholders was set at 767,19 ruble per share. The total cost of belonging to two NPF shares according to the established HVAC the redemption price is about 9.3 billion rubles. However, due to the law of OVK is not entitled to direct the redemption of shares more than 10% of its net assets, representing approximately 8.2 billion. Therefore, the shares should have been redeemed within this amount proportionally to the requested requirements.

The second package of the shares of these two NPF — amounting to about 3.7 billion rubles — submitted for redemption other Manager — OOO «UK investment Management», the claim is considered by the court in a parallel process. Meanwhile, the Ninth arbitration appeal court at the suit of the Director of OVK of the Novel Petersburg declared illegal the decision of the shareholders on approval of major transactions at 115 billion rubles. The court of appeal dismissed the appeal Savushkina and quashed the decision of arbitration court of Moscow, which in July rejected the claim of a top Manager HVAC invalidation decisions.

As previously stated RIA Novosti Executive Director of NPF «Safmar» Evgeny Yakushev, in accordance with all procedures, the Fund filed a request to redeem its package, but the Board refused to approve a report received ransom demands. According to Yakusheva, it is a violation of the rights of minority shareholders.